S-E Asia's Tencent starting to not resemble China's Tencent at all

Singapore

SINGAPORE'S Sea Ltd initially modelled itself on Chinese Internet colossus Tencent Holdings Ltd and is often called the Tencent of South-east Asia. Now that Sea has filed for an initial public offering (IPO) and given a peek at its financials, the resemblance is starting to break down.

The company, seeking to raise about US$700 million as it goes public in New York, does offer games and digital entertainment like Tencent. In fact, the Chinese company licences hit games such as League of Legends to Sea, and owns about 40 per cent of the smaller firm's stock.